Sumitomo Mitsui Financial Group

Tricor Holdings, owned by investment firm Permira, has brought a rare dividend recapitalisation deal to Asia’s loan market. Pan Yue reports.

South African lender Investec has secured a syndicated loan facility, with a consortium of 29 international banks. Bank borrowers are continuing to lean on their relationship lenders in South Africa, though the environment in the country remains challenging.

Europe’s high grade corporate bond pipeline is bulging this week, as slightly improved market conditions from last week have prompted a diverse set of issuers to lock in funding before the end of the quarter.

India’s Adani Green Energy has raised a $1.35bn green loan to support the construction of projects under its renewable portfolio.

A HK$5.5bn ($708m)-equivalent loan to partly refinance debt taken for investment manager Permira’s leveraged buyout of Tricor Holdings is now open to existing lenders in syndication.

Tricor Holdings is planning a return to the loan market to refinance a HK$2.8bn ($360m) borrowing it sealed in 2016 for a leveraged buyout by investment firm Permira.

Intesa Sanpaolo ventured outside of its home market in search of senior paper this week, placing its first sterling deal in almost nine months and its first yen trade since early 2019.

Genius Auto Finance Co priced its first auto ABS outing of the year under the Generation series on Thursday. It sold the senior class A1 tranche of the Rmb4.7bn ($726.8m) transaction at a negative spread to the onshore pricing benchmark and inside a comparable trade from this week.

International Public Partnerships, a UK listed infrastructure investment company, has refinanced a £400m loan to extend the maturity and switch the margin from the Libor benchmark, as lenders hope that other borrowers do the same rather than cram into the second half of the year.

Toyota Motor Finance (China) Co has sealed the senior tranches of its auto ABS deal at negative spreads to onshore benchmarks thanks to strong backing from Japanese investors, putting the post-Chinese New Year securitization market on strong footing.

Non-European names hit the euro market this week with a trio of US companies and Japan’s Nippon Telegraph & Telephone Corp (NTT) raising debt. But syndicate bankers say rising US rates are still way off the sweet spot that would make the euro market irresistible for all Reverse Yankee issuers.

Nippon Telegraph & Telephone Corp (NTT) had a storming outing in the bond markets this week, easily raising €1bn in Europe and $8bn on the other side of the Atlantic to refinance M&A bridge debt.